Friday, 29 January 2016

D STREET BEGUN WITH A POSITIVE NOTE AFTER A TRAGIC JANUARY

The market has ended with bullish trend. The BSE Sensex closes 1.64%, higher at 24,870 while the Nifty 50 closes 1.87% higher at 7563.About 1524 shares advanced against 976 declining shares on the BSE Extensive buying was seen in the textile stocks, such as Himatsingka  Seide, Welspun India, Indo Count Industries and Trident . Aviation stocks are trading lower after international crude oil prices gained. The market appears bullish on long-term growth, but seems sceptical about the possibility of a near-term rebound. Oil prices have recovered 20%from their lows and metal prices have firmed up supporting the market. Market breadth turned fairly positive with 25 of the 30 Sensex components ending the day in green. Larsen and Toubro Ltd rises 0.5% to Rs.1082 ahead of its December quarter earnings. This is the best time for investors to build a portfolio or even change their strategy because a lot of correction has already happened. European equities bounced back, tracking a strong rally in Asian shares. The Bank of Japan ramped up its aggressive stimulus campaign on Friday, adding negative interest rates on central bank deposits to its massive asset-buying program, stunning financial markets that expected no action or a moderate increase in asset purchases. The central bank said the move was aimed at forestalling the risk of global financial turbulence hurting business. Hero MotoCorp, Sun Pharma, Coal India, Bajaj Auto and Dr Reddy's Labs were top gainers while SBI, Tata Steel, ICICI Bank, NTPC and ITC were losers in the Sensex. After rising for the third straight day, gold prices today eased from a three-month high by falling Rs 85 to Rs 27050 per 10 grams at the bullion market, reflecting weak global cues amid a decline in demand.

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